ASTRA AGRO LESTARI PT (AALI IJ) BHINNEKA INVESTMENT GROUP

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1 1-Nov-16 1-Dec-16 1-Jan-17 1-Feb-17 1-Mar-17 1-Apr-17 1-May-17 1-Jun-17 1-Jul-17 1-Aug-17 1-Sep-17 1-Oct-17 ASTRA AGRO LESTARI PT (AALI IJ) BHINNEKA INVESTMENT GROUP PT Astra Agro Lestari Tbk operates rubber plantations and manufactures cooking oil. Through its subsidiaries, the Company also operates a variety of other plantations such as palm oil, tea, and cocoa plantations. As of Nov, 7 th 2017 AALI IJ EQUITY Bloomberg Peers Overview Current Est 1Y Current Et 1Y Price/T12M EPS PEG Ratio Price/T12M Sales Price/T12M Cashflow EV/T12M EBITDA Sales Gr T12M EPS Gr T12M Gross Margin Operating Margin T12M ROE CPO CIF Rotterdam MO1 vs AALI IJ EQUITY AALI IJ EQUITY CPO CIF ROTTERDAM MO Largest planted area in Indonesia with hectares and 5 th biggest globally - Despite having the oldest tree, AALI have high FFB yield 18,3 tonnes/ha in Trade at discounts to the regional counterparts - Doing rights issue in 2016 for deleverage and address sustainability and CSR concern - Target Price is Rp 15,900,- implying 15.0x 2018F P/E or 7.2x EV//EBITDA - Volatility in CPO prices & in USD exchange rates - Weather like El Nino which disrupt production - Rise in Minimum Wages

2 01-Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct-17 INDO TAMBANGRAYA MEGAH TBK PT (ITMG IJ) BHINNEKA INVESTMENT GROUP Indo Tambangraya Megah Tbk PT operates as a coal exploration and mining company that provides energy and electricity support. The Company operates in Indonesia and supplies coal to the world energy market Coal Newcastle Monthly - UNTR IJ EQUITY As of Nov, 7 th 2017 ITMG IJ EQUITY Bloomberg Peers Price/T12M EPS PEG Ratio 0.02 N.A Price/T12M Sales Price/T12M Cashflow EV/T12M EBITDA Sales Gr T12M EPS Gr T12M Gross Margin Operating Margin T12M ROE UNTR IJ EQUITY Coal Newcastle Monthly th largest coal company in terms of production volume with dividend payout ratio - Less vulnerable because only 12% volume is sold domestically - Highest Caloric Value which could cover high production cost - Plan to diversify in power sector to dependence on coal business - Target Price is Rp 15,900,- implying 15.0x 2018F P/E or 7.2x EV//EBITDA - Volatility in Coal prices & in USD exchange rates - Weather & no successful acquisition of coal assets - Decoupling between coal prices and oil prices, higher cash costs

3 1-Nov-16 1-Dec-16 1-Jan-17 1-Feb-17 1-Mar-17 1-Apr-17 1-May-17 1-Jun-17 1-Jul-17 1-Aug-17 1-Sep-17 1-Oct-17 1-Nov-17 MEDCO ENERGI INTERNASIONAL TBK PT (MEDC IJ) BHINNEKA INVESTMENT GROUP PT Medco Energi Internasional Tbk is an integrated energy company. The Company explores for and produces oil and gas both in Indonesia and internationally, operates gas-fired power plants in Panaran I, Batam Island, and develops renewable fuels such as Bio-fuel. As of Nov, 7 th 2017 MEDC IJ EQUITY Bloomberg Peers Price/T12M EPS PEG Ratio 0.01 N.A Price/T12M Sales Price/T12M Cashflow EV/T12M EBITDA Sales Gr T12M EPS Gr T12M Gross Margin Operating Margin T12M ROE Crude Oil Brent vs MEDC IJ EQUITY MEDC IJ EQUITY Crude Oil Brent Stock is cheap vs regional peers - Record higher gas production contributed from newly acquired oil fields - Newly acquired gold and copper mine will lift up earning in long term - Rights issue with proceed around US$150 million for reducing debt - Target Price is Rp 1.050,- implying 5.0x 2018F P/E or 2.5x EV//EBITDA - Volatility in Crude Oil prices, Gas price, Gold price & in USD exchange rates - Expected oil and gas lifting performance - Depleted existing reserves and maintain low cash costs

4 TIMAH PERSERO TBK PT (TINS IJ) BHINNEKA INVESTMENT GROUP PT. Timah (Persero) Tbk. operates tin mines on Indonesian islands such as Bangka and Karimun, and coastal areas of Sumatra. The Company, through its subsidiaries, also provides consultancy, shipping dockyard and workshop, transportation, exploration, and research and development services. As of Nov, 7 th 2017 TINS IJ EQUITY Bloomberg Peers Price/T12M EPS PEG Ratio 0.03 N.A Price/T12M Sales Price/T12M Cashflow 74.4 N.A EV/T12M EBITDA Sales Gr T12M EPS Gr T12M Gross Margin Operating Margin T12M ROE , , , , , , , LME TIN 3 MO vs TINS IJ EQUITY LME TIN 3 MO TINS IJ EQUITY 1, , , , , Value Proposition - Third largest tin company in global with production in 2016 reaching 23,756 MT - Support from majority shareholder Indonesian Government to eliminate illegal mining - Integrated mining activities : exploration, onshore and offshore mining and smelting and purification process and have proven reserves ton in ha - Revenue trend has picked up following tin price rebound and profitability margin has recover in 2016 Valuation Risk - Target Price is Rp 1,040,- implying 18.0x 2018F P/E or 7x 2018F EV//EBITDA - Volatility in Tin price & in USD exchange rates - Incremental of tin concentrate export from Myanmar - Rise in Minimum Wages

5 11/1/ /1/2016 1/1/2017 2/1/2017 3/1/2017 4/1/2017 5/1/2017 6/1/2017 7/1/2017 8/1/2017 9/1/ /1/2017 UNITED TRACTORS TBK PT (UNTR IJ) BHINNEKA INVESTMENT GROUP PT United Tractors Tbk distributes and leases construction machinery including Komatsu, Nissan Diesel, Scania, Bomag, Valmet, and Tadano brands. The Company also provides contract mining services, and trades and assembles heavy equipment Coal Newcastle Monthly - UNTR IJ EQUITY As of Nov, 7 th 2017 UNTR IJ EQUITY Bloomberg Peers Price/T12M EPS PEG Ratio 0.04 N.A N.A. Price/T12M Sales Price/T12M Cashflow EV/T12M EBITDA Sales Gr T12M EPS Gr T12M Gross Margin Operating Margin T12M ROE UNTR IJ EQUITY Coal Newcastle Monthly Positive coal price outlook - Demand backlog from customers was still 6 7 months for large size equipment - Mining contracting division have positive margin outlook from coal price - New contribution on coking coal operation in 2018 and new projects (Berau Coal) - Target Price is Rp ,- implying 16.0x 2018F P/E or 8.9x EV//EBITDA - Volatility in Coal prices & in USD exchange rates - Weather - Production shortfall

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